PENGARUH FORCED DELISTING YANG DILAKUKAN BURSA EFEK INDONESIA (BEI) OLEH PERUSAHAAN TERBUKA TERHADAP KERUGIAN INVESTOR

The research being explored by the author aims to discuss the regulations related to the implementation of forced delisting by the Indonesia Stock Exchange against PT. Hanson International Tbk., which was declared bankrupt and the legal protection regulations for investors affected by the forced delisting policy based on Indonesian capital market regulations. The research method used in this thesis is normative juridical research with two sources of legal material. The legal material was collected through a literature study and then analyzed using the Miles and Huberman method. The results of this thesis are as follows: 1.) The forced delisting of PT Hanson Internasional Tbk (MYRX) shows that the delay in the decision by the IDX is not in line with the Supreme Court Decision No. 667 K/Pdt.Sus-Pailit/2021. This situation has resulted in the company being unable to repurchase shares, causing minority investors to lose access to exit liquidity. The absence of a time limit for the suspension of shares and the suboptimal weighing of interests by the Financial Services Authority (OJK) and the IDX has led to uncertainty in the application of the law, which has an impact on investor protection. 2.) The capital market legal framework basically includes the principles of preventive and repressive protection as stated by M. Hadjon. However, the absence of definite benchmarks regarding the duration of suspension causes minority investors to suffer structural losses. Therefore, regulations are needed that clearly classify the duration of suspensions and establish sanctions against executives and issuers who ignore the protection of minority investors' interests. Recommendations from this issue, in order to provide comprehensive legal protection for minority investors in the future, the IDX must provide clear classifications regarding suspensions and impose sanctions on all management and controlling parties of the issuer when similar cases recur.